Every incentive they see encourages them to pump-and-dump: pump up demand for law students and dump debt-ridden graduates on a glutted market. Their unemployed graduates become someone else’s problem.
Law School Graduates
Law school graduates both young and old are living under the heavy weight of student loan debt, but we don’t need to tell our readers that law school costs a pretty penny — they already know. The people who do need to know are those who are thinking of applying to law school. Those people need all of the information that they can get their hands on so that they’re able to make an intelligent decision when choosing a law school.
Unfortunately, there doesn’t seem to be a way to discern the actual debt loads that recent law school graduates are carrying, if only because law schools have been misreporting the average indebtedness of graduating students to both the American Bar Association and U.S. News and World Report.
Which law schools are guilty of this committing practice? The ABA claims that administrators from “a number” of schools have contacted the organization in order to correct their information about loan debt….
Law students and young lawyers are understandably concerned as they begin their careers in such a difficult economy and feel especially vulnerable to downward shifts in the marketplace.
– William T. Robinson III, outgoing president of the American Bar Association, attempting to emphasize the ABA’s commitment to law students and young lawyers, in remarks he delivered at the organization’s annual meeting.
(In the past, Bill Robinson put those constituencies on blast, stating that they “should have known what they were getting into” with regard to complaints of joblessness and indebtedness.)
- American Bar Association / ABA, Biglaw, Cass Sunstein, Drugs, Fast Food, Gay Marriage, Guns / Firearms, Law Professors, Law Schools, Military / Military Law, Morning Docket, Sam Sparks, Sports, Student Loans, Ted Frank, UVA Law, Violence
* From the White House to the ivory tower: Cass Sunstein is leaving OIRA to return to Harvard Law. Perhaps his thoughts on behavioral economics and public policy will be appreciated in academia. [New York Times]
* It’s too late to apologize this time, Cesar. Greenberg Traurig has been sanctioned in the TD Bank to-do for the firm’s negligent failure to bring forth documents during discovery. [Tampa Bay Business Journal]
* Jared Loughner is reportedly set to plead guilty in the Arizona shooting attack that killed six people, including Judge John Roll, and injured 13, including former Representative Gabrielle Giffords. [Los Angeles Times]
* Lance Armstrong is going for the gold against the U.S. Anti-Doping Agency, this time with a bid to Judge Sam Sparks for a restraining order blocking the USADA from forcing the cyclist into binding arbitration. [Bloomberg]
* “[T]his is not the time for us to become an international accrediting agency.” The ABA will remain a faulty U.S. accrediting agency, because the Legal Ed Section voted against accrediting foreign law schools. [ABA Journal]
* Apparently Texas Tech Law has more than beauty queens. Secretary of Defense Leon Panetta has appointed dean emeritus and current law professor Walter Huffman to the new Defense Legal Policy Board. [KCBD 11]
* Remember Joshua Gomes, the UVA Law student who allegedly broke into the school’s registrar office? As it turns out, there’s no more “allegedly” about it. We’ll likely have more on this news later today. [Daily Progress]
* Law school graduates’ tales of woe are still making headlines in newspapers. Please take heed, 0Ls, and remember that you decided to discount this info if you’re told that you “should have known better.” [Oregonian]
* If you want to eat mor chikin but the thought of supporting Chick-fil-A’s stance on gay marriage is giving you indigestion, now you can eat your fill with the assistance of Ted Frank’s chicken offsets. [Huffington Post]
It’s not every day that the student selected to speak at a law school commencement admits that he went to law school because he watched the movie My Cousin Vinny. You certainly don’t often hear Mr. Cousin Vinny admit that he thought going to law school would be the key to a job with a top salary.
But then again, you don’t often watch the valedictorian’s speech for the class of 2012 at Thomas M. Cooley Law School.
The thing is… instructive. I’ve heard a bunch of commencement speeches, but mainly from Ivy League types. The student speaker at a school like Cooley is, well, different.
Take a look, and a listen….
Companies don’t typically hire law students. The greatest concern that companies have about hiring law school graduates is training. In-house legal departments don’t want to have train new lawyers, and prefer that law firms take the effort to pass on the needed skills before we go ahead and pinch some of their best associates.
That said, there are certainly several examples of companies that have successfully decided that it’s a good thing to hire counsel who know virtually nothing about practicing law. In this post, I’ll examine some of the pros and cons of hiring newbie lawyers versus law firm trained, not-so-newbies for entry-level in-house positions.
For the first issue at hand, what is this magical “training” that law firms are so good at providing…?
- 10th Circuit, Free Speech, Google / Search Engines, Job Searches, Law School Deans, Law Schools, Morning Docket, Patents, Richard Posner, SCOTUS, Southern New England School of Law/Umass, Supreme Court, Technology, Unemployment, Wall Street
* Only 44% of Americans approve of how the Supreme Court is doing its job, but that’s probably because the other 56% wouldn’t know what the Supreme Court was unless the justices were contestants on a reality show. [New York Times]
* Having nothing to do with the outcome of this Tenth Circuit appeal, apparently a juror in the underlying case had no idea when the First Amendment was adopted. As Bush II would say, is our children learning? [U.S. Tenth Circuit / FindLaw]
* Who’s going to win the “Super Bowl” of Android patent trials? Nobody. Judge Richard Posner has issued a “tentative” order which noted that both sides of the Apple/Google case ought to be dismissed. [Reuters]
* You should’ve “known better”: in case we didn’t make it abundantly clear when we spoke about NALP’s data for the class of 2011, the job market for new law grads is being classified as “brutal.” [National Law Journal]
* U. Chicago Law revolutionized the field of law and economics, but much to the school’s chagrin, everyone copied them. Now they’re thinking up new ways to do the same things. Gunners gotta gun. [Businessweek]
* Say hello to Mary Lu Bilek, the woman who’s been appointed as the new dean of UMass Law. Hopefully she’s not keen on using school credit cards for personal spending like the last dean. [Wall Street Journal]
* Occupy Wall Street protesters can’t sue NYC, its mayor, or its police commissioner, but they can sue the police. And with that news, “F**k tha Police” was sung in drum circles across the tri-state area. [Bloomberg]
The average debt of law graduates tops $100,000, and most new lawyers do not earn salaries sufficient to make the monthly payments on this debt. More than one-third of law graduates in recent years have failed to obtain lawyer jobs. Thousands of new law graduates will enter a government-sponsored debt relief program, and many will never fully pay off their law school debt.
(What can be done to remedy this situation? Additional insights from Professor Tamanaha, after the jump.)
- Attorney Misconduct, Biglaw, California, Canada, Celebrities, Facebook, In-House Counsel, Job Searches, Law Schools, Privacy, Screw-Ups, Sex, Sex Scandals, Weddings
* With more allegations of misconduct revealed, the Canadian Judicial Council met to discuss Justice Lori Douglas’s sex scandal inquiry. Unlike her legs in her nude picture spread, this media circus will likely close in July. [Winnipeg Free Press]
* “I want to apologize. Obviously, mistakes were made.” Admitting you’ve got a problem is just the first step. Greenberg Traurig’s executive director apologized for the Biglaw firm’s apparent screw-ups in a Rothstein-related trial. [Miami Herald]
* Blind Chinese dissident Chen Guangcheng will be enrolling at NYU Law School on a fellowship. The administration is giving him a ritzy faculty apartment that comes complete with a kitchen full of Chinese food. He already knows how to eat like a law student. [New York Times]
* Facebook is being sued in an amended consolidated class-action complaint for $15B over privacy issues, but Mark Zuckerberg was too busy getting married to Priscilla Chan to let it bother him. [Bloomberg]
* “What [the f**k] comes next?” That’s what law school grads asked themselves when their commencement speakers tried to slap on a happy face and speak positively about the job market. [Connecticut Law Tribune]
* But perhaps future law school grads will be able to find jobs more easily thanks to class offerings geared toward in-house counsel lawyering skills. Keep on dreaming that impossible dream. [Washington Post]
* How does a small-time DUI attorney from California go from being an unknown to being a household name overnight? By filing a lawsuit filled with tawdry allegations against actor John Travolta. [Los Angeles Times]
Now, we know that reading comprehension is tested on the LSAT, but apparently, once students complete the law school entrance exam, that skill goes right out the window. How do we know? Because law school graduates, who freely signed up for student loans as law students, are now trying to shirk their repayment responsibilities. They are the 99% (of people who sign on the dotted line and think nothing of it until it’s time to face the consequences).
All the documents these law school graduates signed and claimed to have read and understood prior to accepting their student loans — well, they had some words to say about bankruptcy. Important words. Here are some of them, pulled from my very own master promissory note:
We will discharge (forgive) your loan if: [y]our loan is discharged in bankruptcy. However, federal student loans are not automatically discharged if you file for bankruptcy. In order to have your loan discharged in bankruptcy, you must prove to the bankruptcy court that repaying the loan would cause undue hardship.
Aww, you think you’ve got an undue hardship, precious little snowflake? Well, think again….